Denmark Vesey: Even Dubai Is Broke ...

Wednesday, November 25, 2009

Even Dubai Is Broke ...

Dubai—home to the future world's tallest building, artificial islands shaped like a palm tree, and a misplaced faith in the power of wealth—is broke. The government has asked its many creditors for a six-month reprieve from debt payments.
Stocks slump as news of
Dubai debt crisis sinks in
The Dow Jones industrial average closes down 154 points, a slight recovery from earlier losses. World markets react strongly to Dubai's announcement that it would freeze its debt repayments.

2 comments:

chosen said...: damn. between this and the silverdome selling for 500k, i'm bout ready to set up a my own damn commune in canada, a la Parable of The Sower. peace.; Nov 29, 2009, 7:05:00 PM
uglyblackjohn said...: Dubai is only as broke as was Michael Jackson before his death.
They have assets - just no liquidity; Nov 29, 2009, 10:16:00 PM

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